v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Prior to second quarter of 2025, the Company's management evaluated performance and allocated resources in consideration of only one operating segment, the Asset Management segment, as the Company's sole operations were related to its asset management business, with no consideration of a potential bitcoin treasury strategy. As a result, prior to the second quarter of 2025, all revenues and expenses were related to the Company's Asset Management segment. As a result of the Semler Scientific Merger, the Company's management directs operations as three reportable operating segments, the “Asset Management” segment, which provides investment advisory services, the "Medical Device" segment, which operates the medical device operations, and the "Corporate & Other" segment, which includes the Company's bitcoin operations. Costs that are not directly allocable to a specific operating segment, including, but not limited to, employee-related costs, general and administrative expenses, such as rent expense, and depreciation and amortization, are allocated using a reasonable allocation methodology, which is primarily represented by the relative percentage of resources used by each segment.
The Company's CODM is its Chief Executive Officer, who utilizes key financial metrics, including net income (loss), to assess performance and make decisions regarding allocation of resources, such as capital allocation, determining compensation, and managing costs. The CODM also evaluates significant revenues and expenses by reportable segment to evaluate key operating decisions.
The following summarizes the information reviewed by the CODM to evaluate the net income (loss) of the Company's Asset Management, Medical Device, and Corporate & Other segments for the three months ended March 31, 2026 and 2025 (amounts in thousands):
Three Months Ended March 31, 2026 (Successor)
Asset ManagementMedical DeviceCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$1,347 $— $— $1,347 
Medical device revenues— 1,370 — 1,370 
Other revenue— — 43 43 
Total revenues1,347 1,370 43 2,760 
Operating expenses:
Fund management and administration1,424 — — 1,424 
Employee compensation and benefits1,291 5,178 6,584 13,053 
General and administrative expense637 2,270 3,031 5,938 
Marketing and advertising7 — 109 116 
Depreciation and amortization— 32 58 90 
Total operating expenses3,359 7,480 9,782 20,621 
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value— — (295,778)(295,778)
Net unrealized gain on investments in preferred equity, at fair value— — 490 490 
Net investment gains/(losses)— — (295,288)(295,288)
Net operating loss(2,012)(6,110)(305,027)(313,149)
Other income/(expense):
Other income11 205 310 526 
Interest expense on long-term notes payable, at fair value— — (242)(242)
Change in fair value on long-term notes payable, at fair value— — (2,165)(2,165)
Loss on extinguishment of debt— — (8,461)(8,461)
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan— — (2,594)(2,594)
Transaction costs— — (6,525)(6,525)
Bargain purchase gain— — 66,704 66,704 
Total other income/(expense)11 205 47,027 47,243 
Net loss before income taxes(2,001)(5,905)(258,000)(265,906)
Income tax benefit/(expense)— — — — 
Net loss$(2,001)$(5,905)$(258,000)$(265,906)
Three Months Ended March 31, 2025 (Predecessor)
Asset ManagementMedical DeviceCorporate & OtherTotal Consolidated
Revenues:
Investment advisory fees$1,416 $— $— $1,416 
Medical device revenues— — — — 
Other revenue7 — — 7 
Total revenues1,423 — — 1,423 
Operating expenses:
Fund management and administration1,411 — — 1,411 
Employee compensation and benefits2,066 — — 2,066 
General and administrative expense1,906 — — 1,906 
Marketing and advertising61 — — 61 
Depreciation and amortization52 — — 52 
Total operating expenses5,496 — — 5,496 
Investment gains/(losses):
Net unrealized loss on digital assets, at fair value— — — — 
Net unrealized gain on investments in preferred equity, at fair value— — — — 
Net investment gains/(losses)— — — — 
Net operating loss(4,073)— — (4,073)
Other income/(expense):
Other income324 — — 324 
Interest expense on long-term notes payable, at fair value— — — — 
Change in fair value on long-term notes payable, at fair value— — — — 
Loss on extinguishment of debt— — — — 
Loss on change in fair value of bitcoin held as collateral under Coinbase Loan— — — — 
Transaction costs— — — — 
Bargain purchase gain— — — — 
Total other income/(expense)324 — — 324 
Net loss before income taxes(3,749)— — (3,749)
Income tax benefit/(expense)— — — — 
Net loss$(3,749)$— $— $(3,749)
The total assets of the Company's operating segments are summarized as follows (in thousands):
March 31,
2026		December 31,
2025
Asset Management$1,284 $1,279 
Medical Device17,632 — 
Corporate & Other1,081,353 744,248 
Total$1,100,269 $745,527